Best Banks for Personal Loans in July 2024

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Written by Lauren Nicholson | Edited by Jessica Sain-Baird | Updated June 28, 2024

The bank personal loans on our list come with competitive interest rates ranging from 7.49% to around 30%, and you can borrow up to $100,000 depending on the bank and your credit. Banks often offer perks like discounted rates for current customers, in-person customer service and low (or no) fees.

Citibank: Best for no fees

11.49% - 20.49% (with discounts)

12 to 60 months

$2,000 - $30,000

Not specified

Pros

  • Multiple rate discounts
  • Check rates without affecting credit
  • Fast decisions and funding
  • No fees

Cons

  • Other banks have lower starting APRs
  • Can only borrow up to $30,000
  • No joint applications

What to know

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Citi personal loans are best for current Citibank clients who need a small loan. You don’t have to bank with Citi to qualify for a loan, but Citigold and Citi Priority customers are eligible for a 0.25% rate discount. Enrolling in autopay will shave another 0.5% off your rate.

But if you have good or excellent credit, you’ll likely qualify for better rates elsewhere, since Citi rates start at 11.49%. Borrowers who need large loans should note that Citi loans max out at $30,000.

Read our full Citibank personal loan review.

How to qualify

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Citi doesn’t specify a minimum credit score or income, but you’ll need to meet the following requirements to qualify for a loan:

  • Must have an established credit history and income
  • Must be at least 18 years old

Discover: Best for payment assistance

7.99% - 24.99%

36 to 84 months

$2,500 - $40,000

720

Pros

  • Payment assistance program
  • Competitive interest rates
  • Check rates without affecting your credit

Cons

  • Need good to excellent credit to qualify
  • No physical branch locations
  • May charge $39 late fee

What to know

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In addition to offering low interest rates and a wide range of loan terms, Discover has a payment assistance program to help borrowers who are having difficulty making payments on time. If you qualify, enrolling in this program may allow you to defer payments, temporarily lower your payments or qualify for lower payments by extending your loan term.

Qualifying for a Discover loan isn’t easy — you’ll need a credit score of at least 720. While the lender reserves its lowest rates for borrowers with excellent credit, you can check your rates without damaging your credit by prequalifying for a Discover loan.

Read our full Discover personal loan review.

How to qualify

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You’ll need the following to qualify for a Discover loan:

  • Minimum credit score: 720
  • Minimum individual or household income: $25,000
  • Must be 18 or older
  • Must have a valid Social Security number
  • Must have a physical address
  • Must have a valid email address and internet access to finalize loan online

Laurel Road: Best for doctors, dentists and residents

8.99% - 24.25% (with autopay)

36 to 60 months

$5,000 - $45,000

Not specified

Pros

  • Practicing doctors and dentists can borrow up to $80,000
  • See rates without impacting credit
  • No origination or early payment fees

Cons

  • Charges fees for late and returned payments
  • Unclear eligibility requirements
  • No physical branch locations

What to know

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Laurel Road is an online bank that caters to borrowers of all professions, but doctors, dentists and residents can qualify for as much as $80,000. If you’re not a physician, you can take out up to $45,000 with Laurel Road.

Note that while Laurel Road doesn’t charge upfront administrative fees (often called origination fees) or a penalty for paying off the loan early, you’ll need to pay a fee for late or returned payments.

Read our full Laurel Road personal loan review.

How to qualify

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Laurel Road doesn’t provide much insight into how it evaluates personal loan applications, but you must be:

  • At least the age of majority in your state (typically 18 or 19)
  • A U.S. citizen or permanent resident

While Laurel Road doesn’t specify a minimum credit score, it does state that it’s able to offer low rates because it works with creditworthy borrowers. The lender may assess this creditworthiness by evaluating your debt-to-income ratio, employment, income and credit history.

PNC Bank: Best for short or small loans

8.19% - 24.74% (with autopay)

6 to 60 months

$1,000 - $35,000

Not specified

Pros

  • Loans start at $1,000 and terms start at six months
  • Rate discount for enrolling in autopay
  • Allows co-borrowers
  • No origination or prepayment fees
  • Check rates without impacting credit

Cons

  • Decisions can take a few days
  • Must visit branch for immediate access to funds
  • Availability limited to certain states

What to know

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If you need a short-term loan to cover a small expense, PNC Bank is worth considering. You can pay back a PNC personal loan in as few as six months, making it an ideal alternative to a payday loan with predatory interest rates.

PNC can take a few days to make a decision on your loan application, so choose another lender if you’re looking for a quick loan.

Read our full PNC Bank personal loan review.

How to qualify

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To qualify for a PNC Bank loan, you must be a resident of Alabama, Arizona, Colorado, Washington, D.C., Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Montana, North Carolina, New Jersey, New Mexico, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Wisconsin or West Virginia.

SoFi: Best for fast decisions and funding

8.99% - 29.99% (with discounts)

Pricing Disclosure

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

24 to 84 months

$5,000 - $100,000

680

Pros

  • Fast decisions and funding
  • Borrow up to $100,000
  • See rates without hurting credit
  • Multiple rate discounts

Cons

  • High maximum APR
  • Lowest rates may require optional origination fee
  • No physical branch locations

What to know

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SoFi is an online bank that makes borrowing money fast and easy. You’ll see rates in 60 seconds if you qualify, and you can get your money as soon as the same day you close on your loan.

SoFi offers rate discounts for signing up for autopay and direct deposit. You can get an additional discount if you allow SoFi to pay your credit card company directly when you get a debt consolidation loan.

SoFi does offer a low starting annual percentage rate (APR), but you may need to pay a one-time origination fee to get its lowest rates. And if you value in-person customer service, you should look elsewhere — SoFi does not operate any physical branches.

Read our full SoFi personal loan review.

How to qualify

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To qualify for a SoFi loan, you must meet the following criteria:

  • Minimum credit score: 680
  • Be at least the age of majority in your state (usually 18 or 19)
  • Be a U.S. citizen, permanent resident or non-permanent resident (including DACA recipients and asylum seekers)
  • Provide documentation proving your residency
  • Be employed, have an offer of employment that starts within 90 days or have another source of income

USAA: Best for people with military ties

10.34% - 18.51% (with autopay)

12 to 84 months

$1,000 - $100,000

Not specified

Pros

  • Wide range of loan amounts
  • No origination or prepayment fees
  • Rates capped at 18.51%

Cons

  • Exclusive to military members and relatives
  • Must apply to see rates
  • USAA membership required

What to know

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USAA loans are low on fees and come with competitive rates and terms. Although the starting APR is on the high end at 10.34%, the maximum is 18.51% — well below the 36% threshold that lenders often charge. USAA offers both short- and long-term loans, and it allows you to borrow up to $100,000 if you meet its credit requirements.

You’ll need to be affiliated with the military in order to qualify for USAA membership, and membership is required to get a loan. Unlike other banks that offer prequalification, USAA doesn’t allow you to see your rates before you formally apply.

Read our full USAA Bank personal loan review.

How to qualify

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USAA membership is required. To become a member, you must be:

  • A member of the U.S. military
  • A veteran
  • A pre-commissioned officer
  • The spouse/child of any of the above

Wells Fargo: Most competitive interest rates

7.49% - 23.24% (with relationship discount)

12 to 84 months

$3,000 - $100,000

Not specified

Pros

  • Rates start at 7.49%
  • Rate discount for using autopay
  • Check rates without damaging credit
  • No prepayment or origination fees

Cons

  • Must be a Wells Fargo customer for at least 12 months
  • Can’t apply with a co-borrower
  • Charges late payment fees

What to know

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Wells Fargo loans are best for current customers with excellent credit who can take advantage of some of the lowest starting interest rates on the market. If you’re not sure whether your credit score will allow you to qualify for the lowest rates, you’re in luck — you can check your Wells Fargo personal loan rates without damaging your credit.

Note that you can only qualify for a Wells Fargo personal loan if you’ve been a customer for at least a year. And if you were hoping to apply with a co-borrower, you’ll have to look elsewhere — Wells Fargo doesn’t offer joint loans.

Read our full Wells Fargo personal loan review.

How to qualify

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To qualify for a Wells Fargo loan, you must be a Wells Fargo customer for a minimum of 12 months.

Banks that offer personal loans

Banks with personal loansBanks that don’t offer personal loans

  Citibank

  Discover Bank

  Laurel Road

  PNC Bank

  Santander Bank

  SoFi

  TD Bank

  USAA Bank

  U.S. Bank

  Wells Fargo Bank

  Bank of America

  Capital One

  Chase Bank

  Citizens Bank

We systematically rated and reviewed top lenders to select the top bank loans on the market. Santander Bank, TD Bank and U.S. Bank didn’t make our final cut, but you can get a personal loan at any of these banks. It’s worth your time to check your rates if you’re already a customer.

You can no longer get a Bank of America personal loan, Capital One personal loan, Chase personal loan or Citizens Bank personal loan.

Bank loan interest rates

As of June 2024, bank loan interest rates from top lenders on our list start as low as 7.49% and peak at around 30%, depending on the bank. These rates are competitive — lenders often charge rates as high as 36%. But if you have excellent credit and don’t mind skipping a bank for your loan, you may find lower rates with an online lender like Reach Financial.

How to get a loan from the bank

These days it’s possible to get a bank loan without ever setting foot in your local branch. Here’s what you need to know about the online application and approval process for bank loans.

Prequalify

Many banks allow you to check your rates without formally submitting an application in a process called prequalification. This allows you to avoid the ding to your credit that comes with a hard credit pull — at least until you’ve shopped around, reviewed a few quotes and decided on a lender.

Apply

Once you’ve chosen your lender, it’s time to formally apply for your loan. The bank may ask for copies of your driver’s license, W-2s or other documents to verify your identity or income. After you apply, the bank will pull your credit report, and your credit score will take a small, temporary hit.

Close on your loan

If you meet the bank’s personal loan requirements, it will send you a loan offer. Carefully review the terms and make sure that you can afford the monthly payment before accepting your loan. Closing on your bank loan typically involves signing paperwork, after which the bank will deposit the funds into your account.

You may have to visit a physical branch to accept your loan, but many banks allow you to complete the process entirely online.

Knowing your credit score before you start will help you avoid taking a hit to your credit by applying for a loan you’re not likely to qualify for in the first place. You can check your score for free — and without damaging your credit — with LendingTree Spring.

Best place to get a personal loan

The best places to get a personal loan are banks, online lenders and credit unions.

The difference between bank loans and online loans isn’t cut and dry. Our list of best bank loans includes institutions with physical branches and online-only banks.

When choosing where to get a loan, consider whether you prefer an online versus in-person application process. For in-person customer service, you may need to consider only banks and credit unions with physical branches.

Online lenders

The best personal loans from online lenders have many of the same features as bank loans — competitive interest rates, low fees and loans up to $100,000. While bank loans often require good to excellent credit to qualify, several online lenders specialize in personal loans for bad credit.

Keep any eye out for fees when considering an online loan. It’s common for online lenders to charge upfront fees called origination fees, and many charge prepayment penalties for paying off loans early.

Credit unions

You’ll typically need to become a member in order to get a credit union personal loan. Credit unions limit membership based on location, employer or ties to a particular organization (like the military, for instance).

But it may be worth the hassle to become a member to access low interest rates. Credit union personal loans come with APRs that max out at 18%.

Finding the perfect place to apply for a personal loan matters less than taking the time to shop around. Consumers with fair or good credit can save up to $3,138 by getting at least six personal loan offers.
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Frequently asked questions

When you take out a bank loan, you’ll get access to a lump sum of cash that you can use to cover personal expenses. The bank charges you interest and fees (APR) in exchange for the loan. You’ll pay back the money you take out — plus the APR — in equal installments called monthly payments.

A bank loan is a lump sum of money that you pay back in installments to the bank over a specified period of time. It’s a type of personal loan — a loan used to cover a personal expense like a medical bill or home improvement project — taken out from the bank.

Bank loans often come with benefits like discounted rates for current customers and in-person customer service, but our financial experts recommend choosing the most affordable personal loan you can get.

Take the time to shop around. Once you have offers, use a personal loan calculator to compare monthly payments and the total cost of repaying each loan.

How we chose the best banks for personal loans

We reviewed personal loan products from 12 of the top national banks to find and select the best bank loans. All lenders on this list offer traditional banking products like checking and savings accounts in addition to personal loans. Some of them have physical branch locations, while others operate entirely online. We did not include lenders that do not offer traditional banking products.

From there, we rated lenders on 19 data points in the following categories:

  • Accessibility (37%): Banks received high marks for being accessible to a wide range of borrowers in terms of credit score, geographic location and income. We also awarded points for ease of application and quick funding.
  • Rates and terms (37%): Banks with competitive interest rates, no fees and wide ranges of loan amounts and terms received the highest marks.
  • Reputation/customer service (26%): We looked to authoritative third-party sources like the Consumer Financial Protection Bureau to gauge each bank’s reputation. Consumer ratings and reviews on Trustpilot informed our customer service scores.

Based on our systematic rating and review process, Citibank, Discover, Laurel Road, PNC Bank, SoFi, USAA and Wells Fargo are the best banks for personal loans.